Xceedance partners with AI insurtech Akur8 to deploy advanced analytics for insurers
Insurance technology provider Xceedance has formed a strategic partnership with artificial intelligence-powered insurtech Akur8 to offer enhanced actuarial and analytics solutions to insurance companies.
The Akur8 insurance pricing platform combines proprietary machine learning algorithms with transparent artificial intelligence, which should increase speed to accuracy for actuarial and predictive modelling teams without sacrificing auditability and control.
The partnership will enable insurers to gather insights from internal or external data sources, enrich rate-making processes, and gain access to actuarial expertise. It will use Akur8 technology and Xceedance’s industry experience, delivering increased rate-making process efficiency, faster time-to-market, and enhanced governance and compliance in the rating process for clients.
Matthew Duke, chief actuary and head of global actuarial and analytics services at Xceedance, said Akur8’s platform is distinctive in the pricing landscape in using an innovative approach to incorporating data science in the ratemaking process.
“Automation of critical steps in the predictive modelling process significantly reduces time-to-market, while maintaining high levels of precision and transparency,” he said. “The Akur8 solution, combined with actuarial and analytics services from Xceedance, creates a powerful offering for insurance organisations worldwide.”
Samuel Falmagne, chief executive officer at Akur8, said: “By combining our resources, we can deliver a strong actuarial value proposition to insurance organisations — leveraging our unique ratemaking platform and top-notch actuarial expertise from Xceedance.”
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